Gold is falling to its lowest level in more than a week, under pressure from the US Central Bank’s policies

Gold is falling to its lowest level in more than a week, under pressure from the US Central Bank’s policies
Gold is falling to its lowest level in more than a week, under pressure from the US Central Bank’s policies

Gold prices fell for the fourth consecutive session Monday; Due to the rise in the dollar at a time when the monetary policy position of the Federal Reserve (the US Central Bank) overshadowed expectations about non-yielding gold.

The spot gold price fell 0.6% to $1,739.31 an ounce, after falling earlier to its lowest level since November 10, to $1,738.35.

US gold futures fell 0.7% to $1,742.

Analyst Giovanni Staunovo of (UBS) said that one of the main drivers of the gold price is the real interest rates in the United States, and that gold is taking signals from an upcoming rise in nominal prices in addition to the rise in the dollar.

Gold fell 1.2% last week; In the largest weekly decline since the week ending October 14.

The dollar rose 0.8%; This made gold denominated in US dollars more expensive for overseas buyers.

Investors will closely follow the proceedings of the November Federal Reserve meeting scheduled for Wednesday, with market participants estimating a half-point hike in December following recent comments by Fed officials.

Matt Simpson, an analyst at City Index, said that gold could test the support levels at $1,735 and $1,729 before knowing the facts of the Fed meeting.

As for other precious metals, the spot silver price fell 1.3% to $20.63 an ounce, platinum fell 1.3% to $964, and palladium fell 2.5% to $1888.12.

Reuters

The article is in Arabic

Tags: Gold falling lowest level week pressure Central Banks policies

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